Watch These Boeing Levels After Stock Logs Largest Daily Gain Since 2023

Boeing (BA) shares soared Wednesday following bullish remarks from the plane maker’s chief financial officer, news of a new aircraft order and a favorable deliveries outlook from analysts.

CFO Brian West said at an industry conference Wednesday that the company sees no near-term impact from the Trump administration’s tariffs on aluminum and steel, with the executive adding that Boeing’s cash-burn is easing in the current quarter.

Separately today, Japan Airlines announced that it has ordered 17 new 737-8 aircraft from the plane maker, adding to a March 2023 order of the same jet. Sentiment for the stock also received a lift after Bank of America analysts said they expect Boeing’s deliveries to improve in March compared to February.

Boeing shares rose 6.8% to $172.62 on Wednesday, recording their biggest one-day gain in nearly two years and pacing advancers on both the S&P 500 and Dow Jones Industrial Average. With Wednesday’s surge, the stock narrowed its year-to-date decline to 2.5%, roughly in line with the performance of the S&P 500 over the stretch.

Below, we take a closer look at Boeing’s shares and use technical analysis to identify major price levels worth watching out for.

Bullish Engulfing Pattern Emerges

After a bullish engulfing pattern marked the end of a three-week pullback in Boeing shares earlier this month, the stock has continued to trend higher, closing above both the 50- and 200-day moving averages in Wednesday’s trading session. It’s also worth pointing out the moving averages formed a golden cross early last month, a chart pattern that signals the start of a new uptrend.

Importantly, today’s move higher was backed by the highest volume in more than two weeks, indicating buying activity by larger market participants, such as institutional investors and hedge funds. Moreover, the relative strength index (RSI) has climbed back above the 50 threshold to confirm bullish price momentum.

Let’s identify major support and resistance levels that chart watchers may be monitoring.

Major Support Levels to Monitor

Firstly, it’s worth keeping an eye on the $165 level. The shares may encounter support in this area near three prominent troughs that formed on the chart in April, August and January.

A breakdown below this key area could see the stock revisit lower support around $146. Investors may look for buying opportunities on a retracement to this region near the February swing low, which also closely aligns with the early-October trough.

Key Resistance Levels to Watch

Further buying could propel a move to the $192 level. This location may provide overhead resistance near several peaks that developed on the chart between late March and early August last year, with the region also sitting just above the last month’s high.

Finally, a breakout above this level could see Boeing shares ascend to the $217 level. Investors who bought the stock at a lower price may look for exit points in this region near a horizontal line that links the late-August 2023 trough with last year’s late-January countertrend high.

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As of the date this article was written, the author does not own any of the above securities.